FXBFI Broker Financial Invest Ltd is an old firm which is associated with a lot of regulated brokers(including 101investing.com) providing services in the European Union. They hold all the necessary legal certificates and are regulated by the Cyprus Securities and Exchange Commission, license number – 315/16.
In theory and on paper, most traders can’t find any kind of fault with this platform, but the main issue with them can be recognised once you take a look at the client’s feedback. FXBFI and 101investing.com are part of the iTrader group, that has run multiple sites including controversial platforms like 24option and TradeATF.
Note that, all of the platforms mentioned above are regulated, but due to the misconduct from the broker side, a lot of people have lost money while trading with them. We are not saying that there is an ever present threat while dealing with this platform.
However, there are some traits displayed by them which can be considered as highly unethical and as end consumers of a service, you should be aware of it before depositing with them. Keep on reading this review to know about all the aspects of this firm.
Want to be kept updated regarding similar scams?
Get in Touch with our Recovery Experts for free by filling the form below.
FXBFI does bring a lot of unique benefits on the table. The safety of funds is the highest priority for every trader and this broker ensures it by holding the client’s money in segregated bank accounts. Spreads on this platform are great and suitable for all kinds of short term traders. There are a few specific things you need to know about their trading conditions and we are going to discuss it later in this post.
Is FXBFI Regulated?
In the year 2016, this broker earned their license from the CySEC which means as far as credibility goes, they are at the top of the chain. Nowadays, most brokers catering to the needs of forex traders prefer to get their license from FCA, CySEC or ASIC as it helps them with a good reputation and ensures highest ethical standards.
Moreover, being a regulated broker means they have to hold the funds of the clients in segregated bank accounts. So, in the event of a flash crash or bankruptcy, the client’s money will not be lost in the name of operational expenses. All in all, in terms of legality of the operation, this platform is indeed flawless and can be considered as a major player in the sector.
Want to be kept updated regarding similar scams?
101investing.com is operated by FXBFI Broker Financial Invest Ltd. Although both of the platforms are owned by a single entity, depending upon your cause, you might want to get in touch with one or the other. So, we have collected all the contact details of both the entities and they are as follows.
- Address – 79, Spyrou Kyprianou Ave., MGO Protopapas Building, 1st Floor, 3076, Limassol, Cyprus.
- Email – email@example.com
- Phone – +357-25010486
- Email – firstname.lastname@example.org
- Phone – +357 80092740
- Apart from the email and telephone, you can use the live chat box to get in touch with the support team of 101investing.com.
- The website is available in 8 languages which includes English, Espanol, Portuguese, Italiano, Deutsch, Nederlands, Svenska and French.
Spreads, Trading Instruments and Leverage
Spreads are something which might be a negligible factor or a deal breaking aspect depending upon your trading approach. For example, a scalper can’t work with huge spreads as they will decrease his or her margins significantly and make their efforts worthless.
However, a position trader or a swing trader might never be bothered with the spread value as it has little to no effects on their positions over the long term. At the time of writing this review, we checked the spreads offered on this broker and they are surprisingly low and resemble the industry’s standards. In short, regardless of your trading style, this broker has something to offer to everyone.
On this platform, clients can find 350 plus trading instruments in a single place. From forex pairs, commodities, indices to cryptocurrencies, the number of options available are enough to meet anyone’s needs. While the offerings are huge, don’t forget that leverage offered changes from one asset class to another. So, always make sure that you check the specifications of the contracts before placing a trade or else the chances of liquidations will increase exponentially.
If you are primarily a cryptocurrency trader, then you can find better spreads, leverage and execution on other platforms such as Kraken, Binance and Bitmex. Leverage offered by the FXBFI depends upon the type of instrument you are trading and your account type, it ranges anywhere from 1:2 to 1:500. To get more leverage, you need to upgrade your account type and there are no specific trading strategies which are banned by them.
Account Types and MetaTrader 4 Support
There are primarily 4 different accounts offered by them. The minimum capital required to access any account is not mentioned anywhere on their platform. Unlike a lot of brokers, this one not only offers higher leverage for upgraded accounts, but also decreases the spreads and swap rate significantly.
Silver account which is the entry barrier for a lot of people is geared for the needs of retail traders and the leverage is capped at 1:30 for forex pairs and even less for other CFDs. On the flip side, all the other accounts get comparatively huge leverage and reduced swap charges.
If you are a successful professional trader, then you can get in touch with their support team and see whether the “VIP” features suit your needs.
This broker does have dedicated mobile and desktop apps. Moreover, they also support the MT4 platform. By default MetaTrader app equips the trades with over 50 indicators and 9 chart windows. Most retail traders are familiar with the interface and with the number of free tools and indicators available on the internet compatible with this software, it is the best app hands down.
Along with the customizable tools, traders can create or buy Expert Advisers in order to trade without having to sit in front of the screen for hours. FXBFI also offers free VPS service which will ensure better execution and eliminate the delays as far as possible.
FXBFI Deposit and Withdrawal
To begin your journey with FXBFI, all you need is $20. While the entry barrier is low, remember that they don’t offer micro accounts and Islamic friendly accounts. They provide more than 10 plus base account currency options and the payment methods supported by them are debit or credit cards and wire transfers.
There are inactivity fees applicable and it depends upon the period of time the account is dormant. We couldn’t find any details about the withdrawal fees or the time required by them to process the transaction. At the end of the day, lack of popular e-wallet support and cryptocurrencies might be a deal breaker for some people.
There aren’t any testimonials on FXBFI on the web yet. However, the hatred towards the 101investing.com is growing rapidly and people are extremely disappointed. Checkout the comments on Trustpilot and you will understand the stories of the victims in a detailed manner.
**STAY AWAY** You’ll 💯% loose out! 101investing are very pushy, misleading and contradicting on how they carry out their so called business. Account manager has no passion for you to succeed but rather wants you to keep depositing to raise margin levels which continues to decline. I have now taken legal action. They are very unprofessional
I’ve signed up once and after that they are calling me from different numbers everyday even at night and being so annoying and rude that I don’t answer.
FXBFI and other associated brand names are all regulated and offer great services at competitive prices. However, the only area they lack is the customer support aspect and the way they handle certain policies are also questionable. The customer feedback clearly displays the agony of the people and it is indeed sad to see many individuals lose hope.
So, if you have lost money to them or are struggling to get your funds back, then fill the contact form below or leave a comment and let our recovery experts do all the heavy lifting for you for free.
If you want to proceed with them, then we suggest you to invest a minimum amount and test out their service before making them your primary broker. Alternatively, you can use their demo accounts to test out their trading environment and conditions.